Daily Market Report 12/18/12

GOLD

The Dollar rallied this morning to the highest level versus the Euro since May, and Gold broke down below its short term support of $1,686 per ounce. After Gold traded below $1,686 technical traders and chartists shorted Gold, which drove the price down to $1,660 per ounce before major buying came in. At 11am PDT today, Gold is trading at $1,669 per ounce, down $28 per ounce on heavy volume. 

Forbes Article “Gold to Hit Historic Highs in 2013 on Fed QE”

There is a highly informative and educational article in Forbes which provides a recap of what caused the highs and lows for Gold in 2012. The article also provided price predictions by some of the largest financial institutions in the US. To read the complete article click here: http://www.mintstategold.com/investor-education/gold_historic_highs_2013/ 

SILVER

Silver followed Gold’s lead this morning, dropping down to $31.30 before seeing heavy demand. At 11am PDT today, Silver is down $0.71, trading at $31.53 per ounce on a heavy volume of trading.